Is it safe to buy a house or a loan these days?
I live in Massachusetts. I’m tired of renting and want to buy a house. I know nothing about real estate or bank loans, this is a very general question. I want to live either in Massachusetts or Florida. Is it safe to get a loan for a house these days? I hear all these negative things on the news about foreclosures and loans and the economy. Any advice?
March 3rd, 2010 at 9:33 am
Hey babe , the best way during this period is not to buy loan you will be in trouble. But you can just rent and house and try to save your money for future. I hope you will safe. If you still need some advice ping me
March 3rd, 2010 at 10:11 am
not here in fl. I moved back to fl in 2005. A home with 3 bedrooms 2 baths and a two car garage is running over 200 thousand.A lot of people are trying to get out of fl. Our neighborhood looks like a ghost town. Everywhere you go there are houses for sale and the grass is so high you can’t see much of the house. There are people all over holding sign that say they ahe homeless and need money.There are also empty buildings all over town because more and more stores are going under.
March 3rd, 2010 at 11:07 am
Manda: Elizabeth gives some good advice. Unfortunately, the correct answer for you varies depending on factors such as 1) the cost of renting versus cost of buying, 2) your credit rating and employment history, and 3) the amount of down payment you can afford, expressed as a percentage of the total loan amount
In specific….
1) Its not always cheaper to buy when compared to rent. When you rent, you don’t need to worry about fluctuations in insurance costs, property tax amounts, and the cost of upkeep on a property. Generally speaking, that’s your landlords problem.
2) Banks are getting more and more selective regarding who they are lending money to. Check your credit score, have at least 2 years of continuous employment at the same job, and start paying down debt as much as you can.
3) Try to have a down payment of at least 20% of the total purchase price of the property. Many banks will not give you a loan without one, although some will. Its also a good idea to have extra money above and beyond this to allow for repairs to a house also.
This answer may seem long to you, but it barely scratches the surface
March 3rd, 2010 at 11:38 am
Sonia? forgot the rural constuction type loans? I guess. My realtor says that only people with “the best, most perfect” credit scores can qualify for a loan for a manufactured home. THOSE people (with perfect scores) are not seeking manufactered homes (in my opinion!) LOL. ANyway, my realtor suggest some kind of special rural construction , ah, community building??? , community… something… that’s not the word, loan to help the rural area… ah, I forget. I need my morning coffee. LOL
options:
FHA approved house for me (or cash on a mobile home.) I have a down payment. yeah!
March 3rd, 2010 at 12:22 pm
That is what makes us tune into the media, bad news.
What made it to about page 5 in the news is that home sales were up in December.
You don’t need the best or perfect credit to get a home loan, but it helps.
These are great times to be a home buyer. Interest rates are good, it is a buyer’s market, and there is a ton of inventory available to look at in most areas.
If you are in a financial position to buy (good income, some money for down payment, and 600+credit score), you may want to explore your options.
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March 3rd, 2010 at 12:57 pm
All the problems with the real estate market are the reason to buy. Fools buy when the price is high and the market is healthy and then sell when real estate is cheap. You gotta buy low and sell high in real estate, just like in stocks, and the market is low now. If you are thinking of buying a house in Florida, check out Taylor Morrison. They have lots of houses for sale in the state and they have a free $25,000 sweepstakes on their website. http://is.gd/eDHX